Jakarta. Bakrie Group's oil and gas company Energi Mega Persada (IDX: ENRG) has announced a new oil discovery by its subsidiary, Imbang Tata Alam (ITA), from a recently drilled exploration well in the Malacca Strait working area.

The discovery was confirmed on Monday following initial evaluations that identified a productive oil-bearing layer in the Upper Sihapas Formation.

Flow testing showed the well produced around 350 barrels of oil per day, indicating good reservoir quality and stable flow potential, ENRG said in a statement. Geologically, the discovery is interpreted as a stratigraphic trap, opening up opportunities for further exploration and resource expansion in the surrounding area.

Based on preliminary assessments, the discovery is estimated to contain around 31 million barrels of original oil in place, according to ENRG Vice President Director and Chief Financial Officer Edoardus Ardianto. The company also sees potential to lift output by an additional 1,000 to 1,500 barrels per day through the planned development of the MSTB-NW structure, which would involve drilling six development wells.

“Similar seismic response evaluations indicate that the area around the discovery may still hold more than 76 million barrels of oil in potential resources, making it a key target for our next exploration campaign,” Edoardus said.

ENRG Director and Chief Operation Asset A Kelik R. Suharya said ITA will work closely with upstream regulator SKK Migas to continue technical studies aimed at finalizing the development concept for the MSTB-NW structure, while also identifying additional exploration prospects near the discovery area.

President Director and Chief Executive Officer Syailendra S. Bakrie said the oil find is expected to support Indonesia’s energy security while delivering benefits to stakeholders around the Malacca Strait working area.

“ENRG reaffirms its commitment to conducting sustainable exploration and development activities to create long-term value for all stakeholders,” he said.

The oil discovery adds to a series of upstream milestones for ENRG. In December 2025, the company announced a new gas discovery from the East Walanga structure (EWL-1 exploration well) in the Sengkang Production Sharing Contract in South Sulawesi. Testing showed the well could produce gas at rates of 25 million to 36 million cubic feet per day, with an absolute open flow potential of 120 million cubic feet per day.

To support its growth strategy, ENRG has set capital expenditure of $200 million (Rp 3.35 trillion) for 2026, part of a $1.4 billion investment plan covering the 2025–2035 period.

The company has also consolidated its position in the Kangean block in East Java, becoming the sole operator after acquiring the remaining 25% participating interest previously held by Japan Petroleum Exploration Co. Ltd. (Japex). The transaction marked the end of Japex’s long-standing involvement in the gas-rich block.

Kangean is one of ENRG’s core producing assets. As of the third quarter of 2024, the block recorded production of 11,537 barrels of oil equivalent per day, accounting for about 25% of ENRG’s total output of 46,118 boepd between January and September 2024.